Last quarter we launched our first edition of the Quarterly Labor Market Briefing. We found that while global employee confidence went up, perception of available job opportunities still declined. But in the mad mad world that we live in, that information might as well be a decade old. Labor market dynamics are continuously changing. And your recruiting strategy should always be a step ahead.

So what’s new this quarter? Global business uncertainties following the Japan earthquake and looming fear of a second global recession offset all traces of optimism that existed last quarter. Executive and employee perceptions about the labor market and job search activity weakened significantly. Both executive and employee confidence slumped in the previous quarter, a likely response to the Japan earthquake. In tandem, candidate perception of employment opportunities also nose-dived in most economies. With such feeble job market conditions, job search behavior is at an all time low since 2006.

However, not all is going downhill—Employed candidates are now more responsive to offer enticements. They are more likely to switch jobs for a pay hike, better work-life balance, and development opportunities.

When hiring in such a volatile economy and skeptical job market, don’t wait till your recruiting strategy becomes antiquated. Reassess and refresh it consistently to be a step ahead of the constantly shifting labor market. Use the first update of our Quarterly Labor Market Briefing for the most recent global and regional market input to do just that.